Motivision

Motivision

Early Stage

Motivision transforms gyms into SMART facilities

Motivision transforms gyms into SMART facilities

Overview

Raised this Round: Raised: $0

Total Commitments ($USD)

Platform

Wefunder

Start Date

04/19/2023

Close Date

08/15/2023

Min. Goal
$250,000
Max. Goal
$1,235,000
Min. Investment

$100

Security Type

SAFE

Series

Seed

SEC Filing Type

RegCF    Open SEC Filing

Early Bird Val. Cap

$6,000,000

Valuation Cap

$7,000,000

Discount

0%

Year Founded

2022

Industry

Fitness & Wellness

Tech Sector

HealthTech

Distribution Model

B2B2C

Margin

Medium

Capital Intensity

Low

Location

DEMAREST, New Jersey

Business Type

High Growth

Motivision, with a valuation of $7 million, is raising funds on Wefunder. The company provides the technology to transform gyms and fitness centers into fully-connected smart facilities. The Motivision technology tracks every single motion for those working out and provides workout analysis. It also provides real-time performance metrics to the trainers through interactive screens and creates AI-driven insights. Motivision is led by an experienced team and is partnering with some of the largest names in athletics. Omri Melamed founded Motivision in December 2022. The current crowdfunding campaign has a minimum target of $250,000 and a maximum target of $1.24 million. The campaign proceeds will be used for the deployment of the power-rack version and gaining sufficient runway.

Summary Profit and Loss Statement

Most Recent Year Prior Year

Revenue

$0

$0

COGS

$0

$0

Tax

$0

$0

 

 

Net Income

$0

$0

Summary Balance Sheet

Most Recent Year Prior Year

Cash

$0

$0

Accounts Receivable

$0

$0

Total Assets

$0

$0

Short-Term Debt

$0

$0

Long-Term Debt

$0

$0

Total Liabilities

$0

$0

Financials as of: 04/19/2023
Create a free account today to gain access to KingsCrowd analytics.

Funding data not publicly available

Upgrade to gain access

Pay Monthly
Annually (Save 17%)

Edge

$25 /month
billed annually
Free portfolio tracking, data-driven ratings, AI analysis and reports
Plan Includes:
Everything in Free, plus
Company specific KingsCrowd ratings and analyst reports
Deal explorer and side-by-side comparison
Startup exit and failure tracking
Startup market filters and historical industry data
Advanced company search ( with ratings)
Get Edge Annual
Already a member? Log in here.

Ratings KingsCrowd Startup Rating Methodology Article

Blurred Ratings Bars Blurred Ratings Bars

Analyst Report Analyst Report Methodology Article

Overview

Motivision is a software company that has developed an innovative way to transform gyms into connected, digital environments. Gyms purchase a bundle of tablets with the Motivision software pre-installed. These tablets are placed at each rack and machine and instantly recognize gym-goers using facial recognition. From there, the software tracks each workout set and monitors users’ exercise form. If the software notices any issues, corrective measures will show on the screen for the users to adjust their posture.

Eventually, Motivision will install cameras in the ceilings of gyms and constantly track each member who steps foot in the gym, seamlessly tracking workouts and form. The company will roll out its tablets and software in 25 private gyms this month and will have fully developed the ceiling software within 12 months. 

Motivision has been rated a Deal to Watch.

Next Section: Price

Price

Motivision is raising at a $7 million valuation. I believe this is a reasonable valuation given that the company has already developed the software to initiate a pilot rollout. The company has also been accepted into the Techstars 2023 cohort, adding further validation to the company’s products and growth strategy.

Next Section: Market

Market

When analyzing market upside, investors must look at how the company’s business model fits into the overall industry market size. Motivision charges $500 per device and collects a $150 licensing fee per location per year. According to IBISWorld, there are 115,000 gyms and fitness centers in the U.S. The average gym will buy between 25 and 100 devices for an average of 63. At $500 per device, the market size specifically from tablet purchases is approximately $3.6 billion. And from a recurring revenue perspective, the market size is about $17.3 million. This doesn’t even take into consideration the potential for Motivision to be implemented in home gyms, which could expand the market size even further. I believe that the market upside is there for the company to become a 10x investment opportunity.

Next Section: Team

Team

I got the chance to speak with Motivision founder and CEO Omri Melamed to learn more about the company’s growth strategy. I was impressed with his knowledge of the space and the path forward to begin bringing his product to market. While he doesn’t have previous experience running a company, I believe he is poised to be a successful first-time founder. 

The other co-founders are Nike Klara and Tamir Gez. Nike has previous experience in traditional finance roles and will add significant value on the business operations front. Tamir has a very impressive background and is considered the company’s “machine learning guru.” He has an extensive background developing algorithms for Samsung vision cameras and other software/hardware companies. He has clearly been instrumental in developing the backend technology for Motivision, and having him as a co-founder will be invaluable as the company grows. 

Next Section: Differentiators

Differentiators

There are a couple other companies that have developed products similar to Motivision’s. They are all relatively small, and no legacy company has brought a product like this to market. 

The company’s main competitor is Perch.fit. Perch uses very expensive cameras and is focused more on selling to professional weightlifting gyms and high-level college gyms — not the everyday consumer gym chains that Motivision targets. Of course, there is always the risk that Perch could pivot and begin selling its products to retail gyms, but it’s not happening now. Additionally, no other company has attempted Motivision’s plan to install cameras in the ceiling of gyms to track the continuous movement of gym-goers. 

Motivision’s main indirect competitors are fitness wearables like WHOOP. But these devices are very bad at tracking movements in the gym, particularly when it comes to weightlifting. Motivision clearly offers a superior product.

Next Section: Performance

Performance

Motivision has spent years successfully developing its movement-tracking technology and is now on the brink of launching in more than 25 private gyms in Texas and New York City. This will be an excellent opportunity for the company to see the product in action and gain valuable feedback from a number of small gyms before approaching the big names like Equinox and Lifetime. Additionally, gaining entry into Techstars is a remarkable achievement that the team must be commended for. Motivision’s performance will now hinge on the company successfully rolling out into the pilot gyms, quickly implementing feedback, and iterating the software. The company is projecting $300,000 in 2023 revenue. 

Next Section: Bearish Outlook

Bearish Outlook

Investors have no way of knowing whether Motivision’s software/hardware rollout will be successful. There is no evidence yet that a large number of gyms are ready to implement this type of technology. I believe that Motivision’s success will rely on a large chain like Equinox picking up the technology and conducting a rollout. This will signal to other gyms that they need to purchase this type of technology to stay relevant, and the floodgates could open from there. However, there is no indication that this will be the case, which remains a key risk. 

Another risk is the company’s cash position. The company plans to roll out slowly from location to location to learn and gain valuable feedback from pilot customers. While I think this strategy is smart, it will also take a toll on the cash burn of the company if it takes too long to scale. And Motivision will be relying on this current fundraise and future fundraises to fund this growth strategy. In today’s brutal fundraising environment, the risk is even higher that the company may not get the funding it needs. 

Next Section: Bullish Outlook

Bullish Outlook

I am a big believer in Motivision’s product. I love going to the gym and would be ecstatic if I got access to technology like Motivision’s. I actually avoid certain exercises because I am worried about injuring myself through poor form. If I had access to Motivision, I would be able to receive real-time feedback on my posture and feel more comfortable in performing my exercises. 

In terms of the investment opportunity, we simply need the company to become a $100 million to $150 million company to see a 10x return (accounting for dilution). The gym market alone will be conducive to Motivision hitting this threshold. However, I believe there is even more opportunity if the company enters the home gym market. This could happen through a partnership with a home gym app or equipment company. So Motivision has many avenues to potentially become a 10x investment. 

Additionally, Motivision implementing ceiling cameras and continually tracking the movements of all gym-goers is the real X factor here. If the company can successfully launch this iteration of the product, it would truly be the only company offering this and could catapult it to new heights.

Next Section: Conclusion

Conclusion

Motivision represents a chance to invest in the potential future of gyms. The company’s technology — which monitors gym-goers’ movements and provides real-time feedback on their posture and form — is an impressive innovation. I believe that gyms will be chomping at the bit to get their hands on this type of technology and provide more value to their customers. While the road of continuous product iteration and development won’t be easy, I believe Motivision has the team in place to get it done.

Report written by KingsCrowd Senior Investment Analyst Teddy Lyons on May 18, 2023.

Founders: enhance your startup's credibility on KingsCrowd. Create an account to claim this raise page.
Add to portfolio
Motivision on Wefunder 2023
Platform: Wefunder
Security Type: SAFE
Valuation: $7,000,000

Follow company

Follow Motivision on Wefunder 2023

Buy Motivision's Deal Report

Warning: according to the close date for this deal, Motivision may no longer be accepting investments.

Motivision Deal Report

Get KingsCrowd’s comprehensive report on Motivision including:

  • How our proprietary algorithm rates their current capital raise (1-5 stars)
  • Detailed price, market, team, differentiators, performance, and risk ratings
  • Whether Motivision is undervalued or overvalued
  • Scores on the founding team and key personnel's background and expertise
  • Our deep-dive analyst report reviewing the deal's investment potential and bullish vs. bearish outlook

Buy the Motivision deal report for only $10!

Email address:
Looking to buy more than one deal report? Get unlimited reports by upgrading to Edge